Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED BALANCE SHEET
AS OF DECEMBER 31, 2015
(in thousands, except share data)
ASSETS |
| ||
Investments held in trust, at fair value: |
|
|
|
Fixed-maturity securities | $ | 32,571 |
|
Cash equivalents held in trust |
| 3,687 |
|
Total investments held in trust |
| 36,258 |
|
Cash and cash equivalents |
| 2,915 |
|
Fixed-maturity securities, at fair value |
| 3,574 |
|
Accrued investment income |
| 235 |
|
Prepaid expenses |
| 19 |
|
Premiums receivable |
| 417 |
|
Total assets | $ | 43,418 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDER’S EQUITY |
| ||
Liabilities: |
|
|
|
Losses and loss adjustment expenses | $ | 4,268 |
|
Losses payable |
| 405 |
|
Unearned premiums |
| 761 |
|
Accrued ceding commission expense |
| 33 |
|
Other liabilities |
| 166 |
|
Total liabilities |
| 5,633 |
|
Stockholder’s equity: |
|
|
|
Common stock, $1 par value; 1,000 shares issued and outstanding |
| 1 |
|
Additional paid-in capital |
| 69,879 |
|
Retained deficit |
| (32,095 | ) |
Total stockholder’s equity |
| 37,785 |
|
Total liabilities and stockholder’s equity | $ | 43,418 |
|
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
FOR THE MONTH ENDED DECEMBER 31, 2015
(in thousands)
Revenues: |
|
|
|
Premiums earned | $ | 388 |
|
Net investment loss |
| (46 | ) |
Total revenues |
| 342 |
|
Expenses: |
|
|
|
Underwriting expense |
| 388 |
|
General and administrative expense |
| 145 |
|
Total expenses |
| 533 |
|
Loss before federal income taxes |
| (191 | ) |
Federal income tax benefit |
| — |
|
Net loss | $ | (191 | ) |
